As reported by U.Today, a fraudulent Ripple USD (RLUSD) token has surfaced on the XRP Ledger in an attempt to capitalize on the anticipation of the launch of Ripple's official stablecoin. The operator of the XRP ledger dUNL, known as Vet, has warned that the legitimate RLUSD stablecoin is not yet available. He emphasized the importance of vigilance and stated that scammers are ready to take advantage of those who are not careful. He also emphasized that the ticker and name in the XRP Ledger are not unique, making it easier for scammers to deceive inexperienced users. Vet emphasized that only the issuer account is unique and advised users to make sure that the product is offered directly by Ripple.
DLT expert Krippenreiter has advised users to check the 'r-address' with any XRPL-based explorer and examine the account history to avoid falling for such scams. Users were also advised to check the presence of official press releases from Ripple and RippleX, the development arm of Ripple, to ensure the authenticity of a stablecoin product. XRPScan, a leading XRPL explorer, has already flagged one issuer of the fake RLUSD stablecoin as a suspicious account. The account was found to have already accumulated a significant amount of XRP by trading the token on the DEX and the AMM.
Ripple president Monica Long recently predicted that Ripple's stablecoin, originally announced in April, would launch later this year. The company unveiled the RLUSD ticker earlier this month during XRPL Apex 2024. Ripple is looking to compete with big players like Tether and Circle in the competitive stablecoin market.
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